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SBI Money Transfer: State Bank Of India Quick Transfer Facility

IndianMoney.com Research Team | Posted On Wednesday, July 25,2018, 05:48 PM

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SBI Money Transfer: State Bank Of India Quick Transfer Facility

 

 

 

The government is trying hard to encourage people to transact in a cashless way. These changes are possible because of the developments in technology and a number of regulations which have been introduced.

SBI, India’s largest lender, has left no stone unturned in keeping up with technological developments and government regulations. After all, SBI is one of the oldest banks in India and is backed by the government. SBI has introduced a quick way of transferring funds called ‘Quick Transfer’, without even adding a beneficiary.

State Bank of India is India’s largest banking and financial services company by assets. It has around 17,000 branches and around 200 foreign offices. It is the banker to millions of Indians and has over 2 Lakh employees. Founded in the British Era, SBI is the child of three presidency banks, namely, Bank of Calcutta (which was later renamed the Bank of Bengal), Bank of Bombay and the Bank of Madras.

In 1921, these three presidency banks were merged and the entity was called the Imperial Bank of India. After about 35 years, in 1955, the Imperial Bank of India was nationalized and renamed as the State Bank of India. This makes SBI the oldest Bank in India.

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All You Need To Know About State Bank Of India’s Quick Transfer Facility

To realize the objectives of ‘Digital India’ and achieve a ‘cashless economy’, it is necessary for citizens to have access to quick technology which is easy to understand. If you forget to carry your debit/credit cards, you most certainly can’t initiate any transactions, as you don’t have sufficient funds.

What best can be done in such a situation? Go away without completing your business or find another way of paying? The best option is to transfer money to someone’s bank account. For this, you will have to register the person as a beneficiary in your savings account and then transfer the funds to the vendor.

The problem with this method of fund transfer is that the process of adding and registering beneficiaries can take too long, sometimes even 24 hours. After the beneficiary is registered, you will receive a notification on the same. Only then can you initiate the fund transfer. Let’s face it; no one likes to complicate things. So, SBI the leader in the banking industry and one of the largest public sector banks of India, recently introduced something called Quick Transfer.

 

What is the ‘Quick Transfer’ service?

 

Quick transfer is a service offered by SBI through which customers can transfer funds without adding beneficiaries. This is a great service as it eliminates the need for registering beneficiaries.This will not only save time, it will also help in making the fund transfer experience a great one.

 

Conditions of SBI’s ‘Quick Transfer’ service:

 

SBI’s ‘Quick Transfer’ has the following conditions;

 

  • The Quick Transfer service is only available for subscribers of SBI’s internet banking facility.
  • The maximum amount per transaction should be Rs 10,000.
  • Daily transaction amount limit is set to Rs 25,000.

 

The amount is credited instantly to beneficiaries having an account with SBI.

 

How to use SBI quick transfer?

 

As mentioned earlier, the Quick Transfer service can be used only by the customers who have subscribed to SBI’s internet banking service. To use this facility, subscribers are required to login to the account. You can gain access to the facility by visiting www.onlinesbi.com, State Bank of India’s internet banking portal. Quick transfer can also be done through the SBI mobile application. This is a convenient channel to use and takes only a couple of minutes to transact.

 

SEE ALSO: All That You Need To Know About RuPay Debit Card

 

How long does the process of Quick Transfer take?

 

As mentioned, the money is transferred instantly if the beneficiary has an account with SBI.

 

What happens if the beneficiaries do not have an account with SBI?

 

In case the beneficiary’s account is with banks other than SBI, the money is transferred through either of the Immediate Payment Service (IMPS) or National Electronic Fund Transfer (NEFT).

However, other money transfer services like RTGS still require subscribers of SBI internet banking to register the beneficiary. A beneficiary can be added by providing beneficiary details such as beneficiary's name, account number and the bank branch.

 

Benefits of SBI’s Quick Transfer:

 

  • There’s no need to add beneficiaries.
  • Instant money transfer.
  • Quick processing.
  • Saves time.
  • Accessible anytime anywhere.
  • Compatible with desktop and mobile applications.
  • Frees you from carrying cash.
  • This is the best alternative to using Debit Card and Credit Card.
  • It is secure.

 

Conclusion:

 

Be a part of the digital revolution and save time, energy and enjoy freedom from stress. Simplify your life with SBI’s ‘Quick Transfer’ service. Transfer funds up to Rs 25,000 each day on the go, even without adding a beneficiary.

 

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